Lesson 4: Your business Snapshot
Value Proposition
Value Proposition are the features and benefits that make the product or business unique.
Marketing Plan
Your friend is developing a marketing plan for her new business. She should put in these her plan: where she wants to sell her product; AND a description of the people in her target market.
Part of a consumer profile is
Demographics;Psychographics; And buying patterns.
Creative thinking exercises entrepreneurs use
They challenge the usual, think backwards, and draw idea maps.
Start-up expenses
For Maria´s food truck are: Kitchen appliances and other equipment needed to conduct her business
Fixed expenses
For Maria´s sandwich food truck are: salaries for her employees, truck insurance, and advertising.
Business Pitch
Important points to include in a business pitch are: The problems that the product or service solves or demands it meets; How the product or service is different; Clear reasons why the potential customers and investors should care about the business.
Market research
It is important to conduct market research on your target audience before building your marketing plan because: You need to consider who your potential customers are before deciding on marketing strategies
For your business to break even
It means you have covered your fixed expenses and are becoming profitable.
Business Pitch
The main purpose of developing a business pitch is: To briefly share the most important information about your business to people in an engaging way.